Loan Calculator
This free loan calculator estimates monthly payments, total interest, and payoff cost for personal loans, auto loans, or other installment loans — a quick loan payment calculator for any amount, rate, and term.
How loan payments are calculated
Most installment loans use a fixed monthly payment calculated with the standard amortization formula:
Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12).
Personal loan vs mortgage or auto loan
This calculator assumes a fixed rate and equal monthly payments — ideal as a personal loan calculator. For a home purchase, use our Mortgage Calculator. For a vehicle, try the Car / Auto Loan Calculator. For a full schedule, use the Amortization Calculator.
Frequently Asked Questions
How do I calculate a loan payment?
Enter the loan amount, annual interest rate, and term in years. This loan calculator applies the standard amortization formula to find your monthly payment and total interest.
Can I use this for a personal loan?
Yes — it works as a personal loan calculator and for other fixed-rate installment loans.
Does a longer term lower my payment?
Usually yes, but you pay more total interest. Compare terms with this loan payment calculator before you borrow.